Cleveland House Contractors and Homes for Rent; Your Home Mechanics and Property Managers

Welcome to the Reilly Painting and Contracting Blog

Welcome to Reilly Painting and Contracting, "The Home Mechanics," and Reilly Properties. We are your Cleveland home contractors who specialize in major home design projects and remodels, and minor home repairs. We also provide house rentals throughout Cleveland, Ohio.

Testimonial

Thank you for sending such hard working, responsible and meticulous men to do the painting in our house. The crew worked hard and well as a team to complete all of the assigned tasks. Eric's presence was also helpful in making sure we had the right colors, checking on progress and communicating between all involved. We especially appreciated their prompt arrivals, attention to details, clean-up, and consideration of our needs, which included putting up with our big, friendly and nosy lab.

Avoiding foreclosure is a good thing, right? The mortgage-holders save money; the homeowner saves face and maybe even some credit rating points; and the neighborhood escapes the stigma that foreclosure brings.

The Obama administration has even encouraged lenders to avoid foreclosing on financially distressed homeowners by allowing short sales – meaning the lender accepts less for a property than the borrower owes.

Lenders haven’t exactly jumped in with both feet, as the numbers show. From July through September 2011, foreclosures in Cuyahoga, Lake, Lorain, Medina, Ashtabula, Geauga and Summit counties outnumbered short sales about 24 to 1.

“The banks are ridiculous,” she said. “They’ll reject the short sale, foreclose, let a house sit empty for two years and then sell it for far less than they would have gotten in a short sale.”

Furthermore, she said, “The banks know they’re stupid. They’re playing some kind of game on paper.”

Despite the grim odds, beleaguered homeowners aren’t giving up on the idea: people like septuagenarians Lorraine and Ben Eddy. (The names are pseudonyms; the couple prefer to remain anonymous.)

The Eddys have been working on a short sale of their home of 50 years since their agent, Paul Blumberg of Howard Hanna, delivered the bad news: According to his market analysis, the 87-year-old house’s market value had plummeted from $160,000 – its county appraisal before the housing market crashed in 2007-- to $49,900.